February closes with strong real estate sales

Nick McBrideOn the Grow

Since Thursday is our new article day, this week I can recap both the last week of the month and the totals for the month of February.

During the week of Feb. 21-25, the office received and recorded a total of 1,974 documents, including 233 warranty deeds (property sales), 484 release documents (loans that have been satisfied) and 459 trust deeds (loans). The total value of those 459 loans came to approximately $137.4 million. Lenders still have low interest rates, so now is a good time to take advantage of the rates whether buying or refinancing your current loan.

Eight of the loans recorded were for amounts over $1 million. The highest value loan was funded by Synovus Bank for $13.35 million. The second highest loan was obtained through Home Federal Bank of Tennessee for $7.76 million. The others on the list were:

The 233 property transfers came to a total of $72 million! If you are in the market for a house, you know they are going fast and for asking price plus. I know the home construction companies are busy getting new neighborhoods planned and new homes built. Older homes are being renovated like crazy too — house “flipping” has become quite a popular vocation!

Nick McBride

There were three commercial property transfers with price tags of $1 million or more. The highest value property is located on Concord Street, just off Kingston Pike. J3W LLC sold the property located at 630 Concord Street, home of Avison Young Real Estate, to Bettie Jo LLC for $2.52 million.

Another property not too far from Concord Street sold last week as well. The Pride & Joy Children’s Academy, owned by the Salley family since 1998, is now owned by West Street Capital Partners LLC who purchased the property for $1.2 million.

The third property over $1 million is located at 7601 Maynardville Highway next to the YMCA in Halls. The Estate of R. Kidwell sold the former Ralph’s Automotive building to Knoxville CGB GA LLC for $1.2 million.

The year-to-date comparisons for the past three years as of Friday, Feb 25, are below. You’ll notice the increase in the values over the past two years even if numbers of actual deeds may be lower.

That’s the progress so far this year. Now to recap the month of February 2022 compared with February 2021.

February is normally one of our slower months, but it didn’t seem so this year! Hopefully, March will show even more growth.

Spring is almost here, and spring is the time that many homeowner’s associations meet. If you find yourself in need of a speaker for a meeting or other type function, I am available. Please don’t hesitate to contact me at the office to schedule a time, the number is 865-215-2330.

You can find us on Facebook here. Have a great weekend everyone — oh, and good news, Daylight Saving Time is just around the corner!

Nick McBride is register of deeds for Knox County.

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